As of January 31, 2026, marketable securities consisted of the following (in millions):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	1,343	$	10	$	0	$	1,353
U.S. treasury securities	168		2		0		170
Mortgage-backed obligations	32		0		(1)		31
Asset-backed securities	618		4		0		622
Municipal securities	17		0		0		17

Commercial paper	30		0		0		30

Covered bonds	1		0		0		1
Other	14		0		0		14
Total marketable securities	$	2,223	$	16	$	(1)	$	2,238

As of January 31, 2025, marketable securities consisted of the following (in millions):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate notes and obligations	$	2,574	$	6	$	(23)	$	2,557
U.S. treasury securities	546		0		(4)		542
Mortgage-backed obligations	128		0		(6)		122
Asset-backed securities	1,218		3		(4)		1,217
Municipal securities	108		0		(1)		107
Commercial paper	506		0		0		506

Covered bonds	29		0		(2)		27
Other	106		0		0		106
Total marketable securities	$	5,215	$	9	$	(40)	$	5,184

The contractual maturities of the investments classified as marketable securities were as follows (in millions):


	As of
	January 31, 2026		January 31, 2025
Due within 1 year	$	460	$	2,081
Due in 1 year through 5 years	1,777		3,098
Due in 5 years through 10 years	1		5
	$	2,238	$	5,184

Interest income from marketable securities for fiscal year ended January 31, 2026, 2025, and 2024 was $539 million, $647 million, and $527 million, respectively, and is included in other income in the consolidated statements of operations.

Strategic investments by form and measurement category as of January 31, 2026 were as follows (in millions):


	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	5	$	7,415	$	127	$	7,547
Other investments	0		0		44		44
Balance as of January 31, 2026	$	5	$	7,415	$	171	$	7,591

Strategic investments by form and measurement category as of January 31, 2025 were as follows (in millions):


	Measurement Category
	Fair Value		Measurement Alternative		Other		Total
Equity securities	$	69	$	4,617	$	125	$	4,811
Other investments	0		0		41		41
Balance as of January 31, 2025	$	69	$	4,617	$	166	$	4,852

The Company holds investments in, or management agreements with, variable interest entities (“VIEs”) which the Company does not consolidate because it is not considered the primary beneficiary of these entities. The carrying value of VIEs within strategic investments was $160 million and $484 million, as of January 31, 2026 and January 31, 2025, respectively.

The components of gains (losses) on strategic investments, net were as follows (in millions):


4	Fiscal Year Ended January 31,
		2026		2025		2024
Unrealized gains (losses) recognized on publicly traded equity securities, net		$	(4)	$	(16)	$	29
Unrealized gains recognized on privately held equity securities, net		1,470		358		119
Impairments on privately held equity securities and other investments		(496)		(582)		(466)
Unrealized gains (losses), net		970		(240)		(318)
Realized gains (losses) on sales of securities, net		47		119		41

Gains (losses) on strategic investments, net		$	1,017	$	(121)	$	(277)

Unrealized gains and losses recognized on privately held equity securities, net includes upward and downward adjustments from equity securities accounted for under the measurement alternative, as well as gains and losses from private equity securities in other measurement categories. For privately held securities accounted for under the measurement alternative, the Company recorded upward adjustments of $1.5 billion and $385 million and impairments and downward adjustments of $511 million and $583 million for fiscal 2026 and 2025, respectively. Upward adjustments to measurement alternative investments in fiscal 2026 included $1.2 billion in gains from one privately held equity investment.